Nifty Bank index seems to be struggling to get a strong follow-through rise. After opening the week on a strong note, the index is now facing resistance around 56,000. It is currently trading at 55,905, marginally down by 0.07 per cent. The advances/declines ratio is at 7:5. This is positive for now.
Nifty Bank index outlook
Intraday support for Nifty Bank index (55,905) is in the 55,800-55,750 region. As long as the index stays above this support, the bias will remain positive. There are good chances to see a rise to 56,200 and even 56,500 in the coming sessions.
The index has to decline below 55,750 to come under pressure for more fall. A break below 55,750 can drag the index down to 55,500-55,450.
Nifty Bank Futures
Nifty Bank June Futures (55,994) is down 0.21 per cent The contract has support at 55,900-55,850. If the contract manages to sustain above this support, a rise to 56,200-56,400 is possible.
In case the contract breaks below 55,850, it can fall to 55,700-55,650 during the day.
Our preference will be to see the contract sustaining above 55,850 and rise during the day.
Trade Strategy
Traders can go long on dips at 55,940 and 55,880. Keep the stop-loss at 55,820. Trail the stop-loss up to 55,980 as soon as the contract goes up to 56,040. Move the stop-loss further up to 56,060 when the contract touches 56,120. Exit the long positions at 56,180.
More Like This
Published on June 17, 2025
Source link